Section 37 in Orissa Minor Minerals Concession Rules, 2004
37. Upset price.
- The upset price to be fixed may, ordinarily be based on average price obtained during the last three years or the price obtained during the last year, whichever is higher, increased by ten percent of the average price of the last three years or the last year's price, as the case may be. In case of sources that did not exist during the last three years or the last year, the upset price shall be fixed by the competent authority on the basis of upset price of similar sources existing in the vicinity or on the basis of probable income to be derived from the sources with prior approval of Collector or the Conservator of Forest or the Director, as the case may be.
